multi-asset

Professional bodies accredited by the FSA to check advisers' qualifications and CPD will not have the power to regulate individuals, the watchdog says.

The FSA has published the final list of authorised qualifications retail investment advisers can take to ensure they meet RDR requirements before 1 January 2013.

Advisers will need to complete a minimum of 35 hours of relevant CPD each year, according to the FSA's latest Retail Distribution Review paper.

The FSA says it needs more time to consider the costs and benefits of introducing professional requirements for advisers selling pure protection.

The FSA is proposing to introduce Statements of Professional Standing (SPS) for advisers which will be awarded by accredited bodies.

The RDR will continue under the new financial regulatory structure, Hector Sants said today.

During the early phases of the RDR there was a great deal of very well organised consultation on the shape that the programme should take, and industry stakeholders of all shapes and colours were extensively involved.

The FSA has moved to reassure IFAs any hikes in mandatory qualifications above QCF Level 4 post-RDR will only be implemented if the industry decides this is needed.

A hung parliament will have a detrimental impact on the progress of the RDR and stall the UK's economic recovery, say advisers.

The Financial Services and Skills Council (FSSC) has launched an online survey to assess gaps in professionalism ahead of the higher RDR standards.